Governor Cuomo is rolling out the launch of his tax free zones program for SUNY campuses called START-UPNY, the governor’s initiative creates tax-free zones to attract and grow new businesses across the state.
The Governor describes START UP NY as the most ambitious economic development program in New York State’s recent history,” and he continued by saying “In a tax free environment, no one can match what New York has to offer.
START-UP NY seeks to accelerate entrepreneurialism and job creation across the state on a large scale, with a particular focus on Upstate New York. The State University of New York campus system, along with other college communities, serves as the framework of the START-UP NY program to attract high-tech and other start-ups, venture capital, new business and investments from across the world. Under the program, businesses have the opportunity to operate completely tax-free for 10 years on eligible campuses and spaces. Businesses will partner with the higher education institutions in the SUNY system as well as other universities and be able to access industry experts and advanced research laboratories.
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“Governor Cuomo’s transformative new approach to drawing businesses and jobs to New York, particularly to Upstate, capitalizes on SUNY’s academic strengths and unique position as an economic engine across the state,” said SUNY Chancellor Nancy L. Zimpher. “Enthusiasm at SUNY campuses across New York is high as we anticipate a windfall of innovation-driven public-private partnerships that, because of the START-UP NY program, will create jobs and amazing new opportunities for students and researchers.”
A New Economic Development Advisor to NYS & Special Advisor to Board of ESD
The Governor also announced that John J. Mack will serve as Economic Development Advisor to the State of New York and Special Advisor to the Board of Empire State Development (ESD), which includes the Department of Economic Development (DED) and the Urban Development Corporation (UDC). In his two roles, Mr. Mack will advise the Governor and ESD on various economic development programs and issues, including START-UPNY, to help grow New York’s economy and make the state a more attractive place for businesses.
John Mack said, “Governor Cuomo has demonstrated a steadfast commitment to encouraging and pursuing opportunities for economic development in New York. With programs like START-UPNY, which offers businesses the unparalleled opportunity of a tax-free environment with New York’s world-class resources for research and development, the Governor is pursuing a truly innovative approach to growing the State’s economy. I am honored to serve both the Governor and Empire State Development as they continue working to build a new New York.”
Mr. Mack is currently a Senior Advisor of Morgan Stanley. He retired as Chairman of the Board of Morgan Stanley at the end of 2011 and also served as Chief Executive Officer of Morgan Stanley from June 2005 until December 2009.
Mr. Mack first joined Morgan Stanley in May 1972 as a member of the Firm’s bond department and rose steadily to positions of increasing responsibility. He was named a Vice President of the Firm in 1976, a Principal in 1977 and a Managing Director in 1979. From 1985 to 1992, Mr. Mack headed the firm’s Worldwide Taxable Fixed Income Division. In 1987, he became a member of the Board of Directors. In March 1992, he assumed responsibility for Morgan Stanley’s day-to-day operations as Chairman of the Operating Committee. He was named President of Morgan Stanley in June 1993. Mr. Mack served as President, Chief Operating Officer and a Director of Morgan Stanley Dean Witter & Co. from May 1997 when the firm was created by the merger of Morgan Stanley and Dean Witter, two of the world’s leading financial services companies.
Before rejoining Morgan Stanley as Chairman and CEO in June 2005, Mr. Mack served as Co-Chief Executive Officer of Credit Suisse Group and Chief Executive Officer of Credit Suisse First Boston.
Mr. Mack is a graduate of Duke University. He serves as Chairman of the Board of Trustees of New York-Presbyterian Hospital and the University Hospital of both Columbia and Cornell, the Chairman of the Board of Tri Alpha Energy, a Board Member of the Bloomberg Family Foundation, Glencore International AG, Lending Club, and Rosneft; he is a member of the Business Council and the Business Roundtable. In addition, Mr. Mack serves on the Advisory Board for China Investment Corporation, the International Business Leaders Advisory Council for the Mayor of Beijing, and the Executive Committee of the Partnership for New York City. Mr. Mack is a Senior Advisor for KKR and a director of Corinthian Ophthalmic. He is a member of the International Business Council of the World Economic Forum, the NYC Financial Services Advisory Committee, and the Shanghai International Financial Advisory Council.